Mike Novogratz says bitcoin may see more pain but won’t go into free fall


Crypto investor Mike Novogratz told CNBC on Tuesday that bitcoin faces near-term uncertainty after falling below $30,000, but he maintained a long-term positive outlook.

Bitcoin has struggled in the past two months, after notching an all-time high in April near $65,000. The weakness in recent days comes as reports indicated China took further steps to restrict bitcoin mining in the country, and as the nation’s central bank put pressure on financial firms to limit crypto-related service offerings. 

“We had China really be much more forceful in their idea to ban cryptocurrency. That’s created a retail deleveraging, ” Novogratz said on “Squawk Box.” “A lot of crypto happens in Asia, a lot of…


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